Asian stocks rose on Thursday to extend gains from the previous session amid growing expectations of imminent U.S. Federal Reserve rate cuts. Regional gains, however, remained capped somewhat by rising Sino-U.S. tensions.
China's Shanghai Composite index fluctuated before ending 0.1 percent higher at 3,916.23. Trade tensions kept investors on edge after U.S. Treasury Secretary Scott Bessent slammed Beijing's rare earth export curbs as "China versus the world," vowing that Washington and its allies would "neither be commanded nor controlled."
U.S. Trade Representative Jamieson Greer called China's new rare earth export restrictions "a global supply-chain power grab," while Trump stated that the United States is in a trade war with China.
Hong Kong's Hang Seng index ended marginally lower at 25,888.51 after data showed China's new bank loans rose less than expected in September.